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Vanguard chief to replace McNabb as chairman

Vanguard chief to replace McNabb as chairman

The chairman of Vanguard still stand down at the beginning of 2019 and be replaced by the current chief executive.

Bill McNabb became chief executive of the $5.3trn (£4trn) asset manager in 2008 and was elected chairman of Vanguard a year later.

His replacement as chief executive, Tim Buckley, will now become his replacement as chairman on January 1 2019.

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Mr McNabb said: "Tim has been a strong, focused leader at Vanguard during times of tremendous company growth, as well as periods of significant market uncertainty.

"The board of directors and I have tremendous confidence in his ability to lead Vanguard through this next chapter for the firm."

Mr Buckley joined Vanguard in 1991 as assistant to the company's founder and then-chief executive John Bogle.

He was chief investment officer from 2013 to 2017.

He said: "Bill's legacy is keeping our clients at the centre of everything that we do and supporting the development of our crew. Vanguard delivered unrivaled value under his leadership.

"He leaves our firm deep in talent and ready to give our clients the best chance of investment success."

Mr McNabb joined Vanguard in June 1986 and was named chief executive in August 2008. He was elected chairman in December 2009.

damian.fantato@ft.com